Philippines

Inflation rose to 7.8% in October, with core inflation at 5.4%, after the BSP raised its policy rate to 5.50%; banks' NPL ratio eased to 3.27% in September while consumer loans grew 16.2%.

Last updated: 13 Nov 2026
Latest data as of: 31 Oct 2026
Articles: 44 articles →

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Consumer loan NPL ratio5.49%up from 5.44% in June31 Jul 2026 · Inquirer: Bad loans up amid continuing consumer strain (2026-09-09)

Banking system NPL ratio

Preliminary BSP data as reported in the press; BSP may revise them.

3.27%down from 3.35% in August and 3.31% in September 202530 Sep 2026 · The Chronicle: Philippine banks' bad loan ratio eases to 3.27% in September (2026-10-29)

Gross international reserves

Figures as reported from the BSP release; BSP data are preliminary and may be revised.

USD 99.5bndown from USD 104.85bn at end-August and USD 109.06bn a year earlier; lowest since September 202330 Sep 2026 · Philstar: BOP deficit swells to $3.14 billion in September (2026-10-20), reporting BSP data

Reserves in months of imports

Figures as reported from the BSP release; BSP data are preliminary and may be revised.

6.2 monthsdown from 6.8 months at end-August30 Sep 2026 · Philstar: BOP deficit swells to $3.14 billion in September (2026-10-20), reporting BSP data

Headline CPI inflation (%)

Headline CPI inflation (%)
2026-03	4.1
2026-04	7.2
2026-05	6.8
2026-06	6.4
2026-07	6.2
2026-08	6.1
2026-09	7.2
2026-10	7.8

Year-on-year change in the national consumer price index (PSA, 2018=100), monthly · Source: Philippine Statistics Authority, Summary Inflation Reports (2026-03, 2026-04, 2026-05, 2026-06, 2026-07, 2026-08, 2026-09, 2026-10)

Gross NPL ratio, banking industry (%)

Gross NPL ratio, banking industry (%)
2026-02	3.33
2026-03	3.29
2026-04	3.37
2026-05	3.44
2026-06	3.29
2026-07	3.35
2026-08	3.35
2026-09	3.27

Gross NPL ratio of the Philippine banking industry, month-end, BSP preliminary data as reported in the press · Source: Philstar reports of BSP banking-industry NPL data (2026-02, 2026-03, 2026-04, 2026-05, 2026-06, 2026-07, 2026-08, 2026-09) Preliminary figures; BSP may revise them.

Loan growth, universal and commercial banks (y/y) (%)

Loan growth, universal and commercial banks (y/y) (%)
2026-03	10.7
2026-04	11.4
2026-05	12.1
2026-06	9.8
2026-07	10.4
2026-08	11
2026-09	11.4

Outstanding loans of universal and commercial banks, y/y at month-end, BSP preliminary data as reported in the press (total loans, not consumer loans) · Source: Bangko Sentral ng Pilipinas monthly bank lending data, as reported by Philstar/Inquirer (2026-03, 2026-04, 2026-05, 2026-06, 2026-07, 2026-08, 2026-09) The July report states the figures exclude reverse repurchase agreements with the BSP. Preliminary figures.

Real GDP growth, year on year (%)

Real GDP growth, year on year (%)
2025Q3	4
2025Q4	3
2026Q1	2.8
2026Q2	2.4
2026Q3	2.1

Real GDP, year on year, quarterly, PSA estimates as published with the Q3 2026 release · Source: PSA Q3 2026 national accounts (via Astig.ph and Philippine Canadian Inquirer) (2025Q3, 2025Q4, 2026Q1, 2026Q2, 2026Q3) Earlier quarters include PSA revisions published up to the Q3 2026 release.

Key topics

Consumer credit market

As of end-June 2026, consumer loans of the Philippine banking system totalled PHP 4,011.2 billion, or 23.12% of the total loan portfolio (net of interbank loans). BSP – Consumer Loans, Philippine Banking System (Table 6), updated 7 Sep 2026 (7 Sep 2026)
By product at end-June 2026: credit card receivables PHP 1,303.5 bn, residential real estate loans PHP 1,229.8 bn, motor vehicle loans PHP 701.1 bn (of which auto PHP 659.1 bn and motorcycle PHP 42.0 bn), salary-based general-purpose consumption loans PHP 642.6 bn, and other consumer loans PHP 134.3 bn. BSP – Consumer Loans, Philippine Banking System (Table 6) (7 Sep 2026)
The consumer-loan NPL ratio was 5.67% at end-June 2026 (5.41% at end-March 2026). By product (June 2026): credit cards 5.28%, salary-based loans 5.64%, auto loans 4.84%, motorcycle loans 15.64%, residential real estate 6.18%. BSP – Consumer Loans, Philippine Banking System (Table 6) (7 Sep 2026)
Credit card receivables rose from PHP 1,236.6 bn (end-March 2026) to PHP 1,303.5 bn (end-June 2026), and salary-based loans from PHP 610.3 bn to PHP 642.6 bn over the same quarter. BSP – Consumer Loans, Philippine Banking System (Table 6) (7 Sep 2026)
ADB reports that consumer loans grew 17.1% year on year in July 2026 (17.8% in June), slower than the 21.3% recorded in January 2026. ADB – Asian Development Outlook Sep 2026 (Developing Southeast Asia); ADO Apr 2026 Philippines (2026-09)
The IMF's 2025 Article IV flags 'rapid growth in bank credit card and salary loans' and 'limitations in its ability to monitor consumer credit provided by lending companies' as vulnerabilities. IMF Country Report No. 25/333, Philippines 2025 Article IV (pp.19, 21) (12 Dec 2025)

SSS LoanLite

SSS LoanLite (SSS Micro Loan Program) is a short-term member loan that eligible SSS members apply for through the apps or websites of participating financial institutions. SSS – SSS LoanLite (14 Oct 2026)
Eligible members are employed, self-employed, voluntary and OFW members with at least 12 posted monthly contributions. They must be at least 18 at application and under 65 at the end of the loan term, and have no past-due short-term member loan, no active SSS micro loan and no fraud record with SSS. SSS – SSS encourages members to avail of new microloan facility (2 Oct 2026)
Loan amounts range from PHP 1,000 to PHP 20,000, depending on the average of the member's 12 latest Monthly Salary Credits. Repayment terms are 15, 30, 60 or 90 days. SSS – SSS LoanLite now available through UnionDigital Bank mobile app (8 Sep 2026)
The interest rate is 8% per annum, about 0.67% per month. SSS – SSS LoanLite now available through UnionDigital Bank mobile app (8 Sep 2026)
LoanLite is governed by SSS Circular No. 2026-005. As of September–October 2026 it is available through the UnionDigital Bank mobile app, and SSS is working with RCBC, Land Bank of the Philippines and Union Bank of the Philippines to add their platforms. SSS news releases (8 Sep 2026; 2 Oct 2026) (2 Oct 2026)
SSS first announced LoanLite in September 2025 as a micro-lending program with Union Bank of the Philippines. The announced pilot terms (PHP 5,000–20,000, 15–90 days, 8% p.a. plus a service fee) differ from the 2026 terms above. SSS – SSS launches LoanLite powered by UnionBank (29 Sep 2025)

BSP circulars on consumer credit and scams

BSP Circular No. 1133 (2021) caps the cost of unsecured, general-purpose loans of up to PHP 10,000 with a tenor of up to four months, granted by lending companies, financing companies and their online lending platforms. The caps are: nominal interest of 6% per month (about 0.2% per day); effective interest (including all fees and charges, excluding penalties) of 15% per month; late-payment or non-payment penalties of 5% per month on the outstanding scheduled amount due; and a total cost cap of 100% of the amount borrowed, whatever the time outstanding. SEC Memorandum Circular No. 14 (2025) lowered the effective interest cap to 12% per month for loans from 1 April 2026, keeping the other ceilings. BSP Circular No. 1133, Series of 2021 (16 Dec 2021)
BSP Circular No. 1165 (January 2023) amends Section 312 of the Manual of Regulations for Banks and Section 101-CC of the Manual of Regulations for Non-Bank Financial Institutions. It caps credit card interest or finance charges on unpaid outstanding balances at an annual rate of 36% (3% per month). It caps the monthly add-on rate on credit card installment loans at 1%. Apart from these interest caps, the only charge allowed on cash advances is a processing fee of at most PHP 200 per transaction. The ceilings are subject to BSP review every six months. BSP Circular No. 1165, Series of 2023 (13 Jan 2023)
BSP Circular No. 1215 (Series of 2025), approved by Monetary Board Resolution No. 523 of 22 May 2025, implements Sections 7–11 of R.A. 12010 (Anti-Financial Account Scamming Act). It lets BSP-supervised institutions temporarily hold funds in disputed transactions for up to 30 calendar days and requires a coordinated verification process. BSP Circular No. 1215 s.2025 (PDF) (30 May 2025)
BSP Circular No. 1214 (Series of 2025), approved by Monetary Board Resolution No. 522 of 22 May 2025, sets the rules of procedure for BSP inquiries into financial accounts under AFASA. The inquiries are conducted through the BSP Consumer Account Protection Office (CAPO). BSP Circular No. 1214 s.2025 (PDF) (30 May 2025)

GCash and Mynt

Mynt operates mainly through two wholly owned subsidiaries: G-Xchange, Inc., which runs the GCash mobile wallet, and Fuse, its lending business. Globe Telecom, Inc. annual report (SEC Form 17-A, FY2025) (31 Dec 2025)
Fuse offers credit lines (GCredit), cash loans (GLoan), buy-now-pay-later (GGives) and micro-credit starter loans (Sakto Loan, Borrow Load). Globe Telecom, Inc. annual report (SEC Form 17-A, FY2025) (31 Dec 2025)
Globe Telecom's stake in Mynt fell from 36% to 34% after MUFG's acquisition of an 8% stake closed on 12 February 2025. Globe Telecom, Inc. annual report (SEC Form 17-A, FY2025) (12 Feb 2025)
Mynt, Inc. disclosed the Preliminary Terms and Conditions of its initial public offering on PSE EDGE on 18 September 2026, with two amendments on 23 September 2026. PSE EDGE – Mynt, Inc.: Initial Public Offering – Preliminary Terms and Conditions (18 Sep 2026)
Mynt, Inc. disclosed its IPO Preliminary Prospectus on PSE EDGE on 23 September 2026. PSE EDGE – Mynt, Inc.: Initial Public Offering – Preliminary Prospectus (23 Sep 2026)

Each item cites an authority, an exchange or securities filing, or an international organisation. Checked 14 Oct 2026

Key indicators and definitions

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Indicator	Value	Definition and scope	Basis date	Source	Definition and source
Consumer loan NPL ratio	5.49%up from 5.44% in June	Non-performing consumer loans as a share of consumer loans (BSP data)Philippine banking system	31 Jul 2026	Inquirer: Bad loans up amid continuing consumer strain (2026-09-09)	Definition and source Non-performing consumer loans as a share of consumer loans (BSP data) Scope: Philippine banking system Source: Inquirer: Bad loans up amid continuing consumer strain (2026-09-09)
Banking system NPL ratio	3.27% Preliminary BSP data as reported in the press; BSP may revise them. down from 3.35% in August and 3.31% in September 2025	Gross non-performing loans as a share of total loans (BSP data)Philippine banking system	30 Sep 2026	The Chronicle: Philippine banks' bad loan ratio eases to 3.27% in September (2026-10-29)	Definition and source Gross non-performing loans as a share of total loans (BSP data) Scope: Philippine banking system Source: The Chronicle: Philippine banks' bad loan ratio eases to 3.27% in September (2026-10-29)
Gross international reserves	USD 99.5bn Figures as reported from the BSP release; BSP data are preliminary and may be revised. down from USD 104.85bn at end-August and USD 109.06bn a year earlier; lowest since September 2023	Gross international reserves, end of month (preliminary)Bangko Sentral ng Pilipinas	30 Sep 2026	Philstar: BOP deficit swells to $3.14 billion in September (2026-10-20), reporting BSP data	Definition and source Gross international reserves, end of month (preliminary) Scope: Bangko Sentral ng Pilipinas Source: Philstar: BOP deficit swells to $3.14 billion in September (2026-10-20), reporting BSP data
Reserves in months of imports	6.2 months Figures as reported from the BSP release; BSP data are preliminary and may be revised. down from 6.8 months at end-August	Months of imports of goods and payments for services and primary incomeBangko Sentral ng Pilipinas	30 Sep 2026	Philstar: BOP deficit swells to $3.14 billion in September (2026-10-20), reporting BSP data	Definition and source Months of imports of goods and payments for services and primary income Scope: Bangko Sentral ng Pilipinas Source: Philstar: BOP deficit swells to $3.14 billion in September (2026-10-20), reporting BSP data
Headline CPI inflation (PSA)	7.8%up from 7.2% in September and 1.7% in October 2025	Year-on-year change in the consumer price indexPhilippines, national	31 Oct 2026	Daily Tribune: Inflation rockets to 7.8% (2026-11-05)	Definition and source Year-on-year change in the consumer price index Scope: Philippines, national Source: Daily Tribune: Inflation rockets to 7.8% (2026-11-05)
Unemployment rate (PSA)	5.4%up from 5.3% in August 2026 and 3.8% in September 2025	Unemployed persons as % of the labour force, Labor Force SurveyPhilippines, persons aged 15 and over	30 Sep 2026	GMA News: PH unemployment climbs to 5.4% in September 2026 (2026-11-06)	Definition and source Unemployed persons as % of the labour force, Labor Force Survey Scope: Philippines, persons aged 15 and over Source: GMA News: PH unemployment climbs to 5.4% in September 2026 (2026-11-06)
Consumer loan growth	16.2%unchanged from 16.2% in August	Year-on-year growth of outstanding consumer loans to residentsUniversal and commercial banks	30 Sep 2026	The Manila Times: Bank lending expands but M3 growth slows (2026-11-06), via Newswav	Definition and source Year-on-year growth of outstanding consumer loans to residents Scope: Universal and commercial banks Source: The Manila Times: Bank lending expands but M3 growth slows (2026-11-06), via Newswav
Real GDP growth (PSA)	2.1%down from a revised 2.4% in Q2 2026 and 4.0% in Q3 2025	Real GDP, year on year, quarterly, PSAPhilippines	30 Sep 2026	Philippine Canadian Inquirer: Philippine economic growth slows to 2.1% in Q3 2026 (2026-11-09)	Definition and source Real GDP, year on year, quarterly, PSA Scope: Philippines Source: Philippine Canadian Inquirer: Philippine economic growth slows to 2.1% in Q3 2026 (2026-11-09)
Headline CPI inflation (PSA)	6.1%down from 6.2% in July; fourth consecutive monthly slowdown	Year-on-year change in the consumer price indexPhilippines, national	31 Aug 2026	GMA News: Inflation slows down for fourth straight month at 6.1% in August	Definition and source Year-on-year change in the consumer price index Scope: Philippines, national Source: GMA News: Inflation slows down for fourth straight month at 6.1% in August
Unemployment rate (PSA)	6.0% Labor Force Survey. up from 5.3% in July 2025	Unemployed persons as a share of the labour forcePhilippines, national	31 Jul 2026	PSA: Number of Employed Persons Rose to 49.21 Million as Underemployment Declined in July 2026	Definition and source Unemployed persons as a share of the labour force Scope: Philippines, national Source: PSA: Number of Employed Persons Rose to 49.21 Million as Underemployment Declined in July 2026
Gross international reserves	USD 104.8bn The BSP release could not be read directly. USD 103.3bn at end-July	Gross international reserves, end of month (preliminary)Bangko Sentral ng Pilipinas	31 Aug 2026	Philstar (2026-09-09), reporting BSP data	Definition and source Gross international reserves, end of month (preliminary) Scope: Bangko Sentral ng Pilipinas Source: Philstar (2026-09-09), reporting BSP data
Reserves in months of imports	6.8 months The BSP release could not be read directly.	Months of imports of goods and payments for services and primary incomeBangko Sentral ng Pilipinas	31 Aug 2026	Philstar (2026-09-09), reporting BSP data	Definition and source Months of imports of goods and payments for services and primary income Scope: Bangko Sentral ng Pilipinas Source: Philstar (2026-09-09), reporting BSP data
Banking system NPL ratio	3.35% Preliminary BSP data as reported in the press; BSP may revise them. unchanged from July; down from 3.50% in August 2025	Gross non-performing loans as a share of total loans (BSP data)Philippine banking system	31 Aug 2026	Philstar: Banks' bad loan ratio steady at 3.35% in August (2026-10-05)	Definition and source Gross non-performing loans as a share of total loans (BSP data) Scope: Philippine banking system Source: Philstar: Banks' bad loan ratio steady at 3.35% in August (2026-10-05)
Headline CPI inflation (PSA)	7.2%up from 6.1% in August; matches April 2026	Year-on-year change in the consumer price indexPhilippines, national	30 Sep 2026	Inquirer: PH inflation climbs to 7.2% in September (2026-10-06)	Definition and source Year-on-year change in the consumer price index Scope: Philippines, national Source: Inquirer: PH inflation climbs to 7.2% in September (2026-10-06)
Unemployment rate (PSA)	5.3%down from 6.0% in July 2026; up from 3.9% in August 2025	Unemployed persons as % of the labour force, Labor Force SurveyPhilippines, persons aged 15 and over	31 Aug 2026	PSA: Labor Force Survey — Unemployment rate declined to 5.3 percent in August 2026 (2026-10-07)	Definition and source Unemployed persons as % of the labour force, Labor Force Survey Scope: Philippines, persons aged 15 and over Source: PSA: Labor Force Survey — Unemployment rate declined to 5.3 percent in August 2026 (2026-10-07)

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